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$4,050,000
30 Beds 20 Baths 22220245 MLS Active Status
Featuring a unit mix of all three-bedroom units, the property offers a new owner substantial rent upside. The current rents are approximately 48% below market rates, allowing an investor to capitalize on continued income growth for the foreseeable future. There is an existing loan at a 3.97% fixed interest rate that may be assumed. Situated near the intersection of Magnolia Boulevard and Woodman Avenue, the property is blocks from the Westfield Fashion Square and Notre Dame High School. The prestigious Ventura Boulevard, featuring fine dining and high-end shopping, is just one mile south of the property. Half of the apartments have already undergone extensive interior remodeling, with the installation of new wood flooring, quartz countertops, recessed lighting, stainless steel appliances, upgraded bathrooms, and new ceiling fans with remote controls. The property has also been updated with nearly full copper plumbing, several new electric subpanels, all vinyl windows, new exterior paint, new signage, and new lighting. The high barriers to homeownership in Sherman Oaks have led to increased rental demand, as the median three-bedroom home price over the past year has been $1,500,000. Monthly mortgage payments on the median three-bedroom home in Sherman Oaks would be approximately $7,334, which is nearly 2.5 times the monthly market rent for three-bedroom apartments at 5117 Woodman Avenue. This chasm between the cost to rent and the cost of local homeownership -- further widened by additional taxes, insurance, and a prohibitive $300,000 required down payment -- forces more residents into rental housing and increases demand for three-bedroom apartments.

5117 Woodman Avenue, Sherman Oaks

$2,299,000
8 Beds 8 Baths 22212769 MLS Active Under Contract Status
This 8-unit, prime value-add property is located North of Ventura Blvd in the highly desirable Sherman Oaks neighborhood, adjacent to Studio City, Valley Glen, and Valley Village. 4556 Vista Del Monte Ave comprises eight 1-bedroom + 1-bathroom units, a total living area of 5,782 sqft, and is situated on an LAR3 Zoned 6,248 sqft lot. This offering presents a rare opportunity for investors to acquire an excellently located apartment building to reposition and upgrade to obtain market premium rents to stabilize at a 5.7%+ Cap rate | 12.9 GRM with the potential to scale and reduce expenses to achieve an even higher rate of return.Investors seeking an asset to employ a value-add strategy can promptly reposition the asset and achieve a higher yield. Four vacant units will allow investors to decide on their own finishes and styles and set market rents. The units are all separately metered for electricity and gas, and the property has a shared laundry room (leased machines). There are 8 tuck-under carport spaces providing easy access for tenants, as well as a private terrace overlooking Hortense St for tenants to use as a common area. With an excellent walk score of 84, this area of Sherman Oaks is a paradise for pedestrians. You can leave your car parked and take a walk down Ventura Blvd to enjoy the city's vibrant atmosphere with plenty of dining, shopping, and employment opportunities nearby. There is also easy access to public transportation and parking, which enables residents to get to offices and businesses nearby with shorter commute times to Studio City, DTLA, and Hollywood.

4556 Vista Del Monte Avenue, Sherman Oaks

$9,150,000
35 Beds 35 Baths 22210683 MLS Active Status
We are proud to present this 18-unit apartment building in a great Sherman Oaks location. The property was built in 1957 but is not subject to the LA City Rent Control (still subject to State Rent Control). There is an excellent unit mix that includes One One-Bedroom/One-Bath Unit, and Seventeen Two-Bedroom/Two-Bath Units. Thirteen of the units have been completely renovated including in-unit washer/dryers. The building system infrastructure has been upgraded to accommodate the remaining 5 units that do not have washer/dryers. Some of the renovations include calcutta quartz countertops, shaker cabinetry, vinyl plank flooring, upgraded windows and stainless-steel appliances. The units are built around a central courtyard that features a pool. The building has upgraded windows, upgraded roof, tiled entryway, beautiful landscaping and more. The residence is secured with gated access from the front and gated parking in the back (18 spaces). Ample street parking is also available. The property is just a quick drive away from plenty of dining, shopping and entertainment options on Ventura Blvd. A few blocks to the south is the 101 Freeway which provides easy access to the surrounding area and job opportunities. And for recreation, Sherman Oaks Park is just across the street from the property. This opportunity is perfect for an investor looking for a well-located, turn-key asset with accessible upside via a proven renovation program. Although built prior to 1978, 5008 Hazeltine is exempt from the City of Los Angeles' Rent Stabilization Ordinance ("RSO"). The City of Los Angeles had a program that allowed a landlord to file for a rent stabilization exemption on individual units upon significant capital expenditures. Previous ownership applied for an exemption on all 18 units and received approval from the City of Los Angeles deeming all 18 units RSO "exempt" on May 17th, 1983.

5008 Hazeltine Avenue, Sherman Oaks

$3,475,000
AR22188014 MLS Active Status
The Regency at 4188 Greenbush Ave. This 10-unit, prime value-add property is located South of Ventura Blvd in the highly desirable Sherman Oaks neighborhood, adjacent to Studio City. This offering presents a rare opportunity for investors to acquire an excellently located, well-maintained, and easy-to-manage apartment building. Built in 1964, the Regency apartments are three stories with a total living area of ±8,675sf on an RD1.5 zoned ±7,640sf lot (buyer to verify). The property has new security cameras installed throughout the common area. It also features secured entries to common areas and gated parking on the property's north side – providing security for several parking spaces and building entrances. The property had recent capital improvements, including the completion of a soft-story parking retrofit, and a new parking gate installed on the north side of the property. It has an excellent and efficient unit mix for such a desirable location in Sherman Oaks; the unit mix consists of (4) One Bed/One and a half bath loft style, (4) One Bed/One Bath, and (2) Studios. Each unit is spacious and bright, with a secured hall entry. In addition, three units consist of two stories with sliding doors connected to the communal hall/patio on the third level (buyer to verify). Four of the units have been recently renovated with new flooring, new contemporary kitchen (quartz countertop, new shaker style cabinets), and updated bathrooms (new bathtub, tiled bathroom, new bathroom vanity cabinets). All units have wall heaters and A/C units. Parking is provided by 10 off-street parking spaces, of which 8 are tuck-under parking (the city-required soft story retrofit has been completed) and 2 gated uncovered spaces. Additional parking spaces can be added by creating tandem parking on the west side of the property. Tenants have access to their own individual self-storage spaces located in the secured tuck-under parking area. The units are all separately metered for electricity and gas, and the property has a shared laundry room (leased machines). Along Greenbush Ave, you can find charming homes, large mature trees growing along the parkways, and ample city-permitted parking for residents of the area. On Ventura Blvd, the property offers exceptional local amenities to tenants (dining, shopping, cafes, groceries, and public transportation), which made this property very easy to rent and manage.

4188 Greenbush Avenue, Sherman Oaks

Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.

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